Other Contractual Entry Strategies Chapter 15 Contractual Entry Strategies There are two common types of contractual entry strategies; 1. C) cross licensing. Create flashcards for FREE and quiz yourself with an interactive flipper. Licensing: An arrangement in which the owner of intellectual property grants another firm the right to use that property for a specified period of time in exchange for royalties or other compensation. drive early entrants out of the market. 6. . B)It is an ownership-based international business activity. As a rule, licensing strategies inhibit control and produce only moderate returns. C) There is no scope to operate an independent. B. . Licensing is a legal process in which one firm pays to use or distribute another firm's resources. Question 4. Direct strategies include joint ventures and wholly-owned subsidiaries/ greenfield investments (see Table 2). 99/year Quiz 15: Licensing, Franchising, and Other Contractual Strategies. ability to preempt rivals and capture demand by establishing a strong brand name. Learn. Reasons for Licensing:Get Quality Help. Find Flashcards. a. Essentially, you need to decide whether you want to buy a franchise or own your own business while pursuing licensing opportunities. 4. Study Resources. Low control, low local knowledge, potential negative environmental impact of transportation. Ch 16: Licensing, Franchising, and other Contractual Strategies. Match. Study with Quizlet and memorize flashcards containing terms like Contractual Entry Strategies in International Business, Intellectual Property, Intellectual Property Rights and more. Verified Answer for the question: [Solved] _____ is the world's leading licensing firm, with $56. Exporting involves marketing the products you produce in the countries in which you intend to sell them. b. 3. The strategy is to deter other firms’ entry into the market. Licensing, Franchising and other Contractual Strategies. Why would a company choose to use a contractual mode of entry rather than an investment mode? Contractual forms of entry (i. Second, some firms find it less risky and more profitable to export. 2. provides technical specifications to a subcontractor or local manufacturer. Licensing, Franchising, and Other Contractual Strategies. . Franchising: Arrangement in which the firm allows u000banother the right to use an entire business system in u000bexchange for fees, royalties or. nontariff barrier d. Exporting and foreign direct investing are two common types of contractual entry strategies. Both licensing and franchising are really fantastic. Focal firm has moderate level of control over the foreign partner. Chapter 16 - Licensing, Franchising, and Other Contractual Strategies. It’s crucial to understand the key differences and similarities between these two popular growth strategies. Key challenges faced by the franchisee is the decreased likelihood of operating an independent business. develop, and manage the entire franchising network in its market and has the right to subfranchise to other franchisees, assuming the role of local franchisor. Exporting falls within the broad umbrella of market entry strategies that include a range of approaches to build international markets for your business. agreement, the multinational firm grants rights on its intangible property, like technology or a brand name, to a. Docsity. , patents, trademarks, copyrights) in exchange for a fee or royalty payment. Can be pursued independently or in conjunction with other entry strategies. Fast entry, low risk. is defined as a contractual arrangement whereby one company makes a legally protected asset available to another company in exchange for some form of compensation. On the flip side, potential for revenue growth is more limited because the parent company will only earn a percentage of the earnings from each new store. provides technical specifications to a subcontractor or local manufacturer. format franchising — the licensing of a trademark in conjunction with a prescribed business format and method of operation can be dated to the nineteenth century, but did not develop in earnest until the 1950's. A modern approach to international business. An organisation will need to determine their desired level of commitment, flexibility, control, presence and risk when going global, in order to choose the entry mode which best suits their situation. Match. 1 Explain contractual entry strategies. 4. Since franchisees will assume many of the responsibilities otherwise shouldered by. Contractual entry strategies in international business. 15- Licensing, Franchising and other. ( True/False ) Question 1Start studying Ch 16: Licensing, Franchising, and other Contractual Strategies. My Library. 2. Learn the differences between licensing and franchising and why licensing is not an optional to franchising. The Franchiser requires the franchisee to make a minimum payment of $500 or more, and. Total views 38. Franchisers must comply with the same local requirements as other businesses, and the franchise agreements must comply with local contract law, antitrust law, and trademark and licensing laws. contract manufacturing. Ch. is licensed to establish, develop, and manage the entire franchising network in its market and has the right to sub-franchise to other franchisees, assuming. 15. It's also easier for the company to extricate itself from the situation if the results aren't favorable. Flashcards. embargo, In the context of various strategies for reaching global markets, which of the following strategies. It is a form of distribution and marketing in which the company gives the other firm the right to do business in their protected way (Bradley 2005:246). C) use of a well-known, recognizable brand name D) The franchisee holds much power,. Question 4. Learn. AFM 333 – Ch 16 Licensing, Franchising, and Other Contractual Strategies. Learn the basics of franchising and winning franchise growth strategies. Exporting, joint ventures, direct investment, licensing, franchising, and other forms of an alliance is duly considered as market entry types. management contracts. Verified Answer for the question: [Solved] When compared to licensing agreements, the relationships established in franchising arrangements are typically volatile and short-term. 5. 25 “Market entry options”). A. Franchising VS Licensing. A patent exclusively refers to a distinctive design, symbol, logo, word, or series of words placed on a product label. 4 ways to enter foreign markets. Terms in this set (12) Contractual entry strategies in international business. Match. 4 Franchising 7. and industry experts about instructions to franchise your business. Franchise Agreements are the core operating principles that define the relationship between the franchisor and the franchisee. Licensing, on the other hand, is a form of private contract between parties and. 1. Type of Entry. Franchising is a variation of licensing strategy in which there is a contract between the parent company franchiser and. strategic alliances. Your matched tutor provides personalized help according to your question details. View Chapter 16 & 17 MAN 3600 from MAN 3600 at Florida State University. Licensing and franchising. Subscribe to newsletters Subscribe: $29. Includes such knowledge-based assets of the firm or individuals as industrial designs, trade secrets, inventions, works of art, literature, and other "creations of the mind". 1Explain contractual entry strategies. 15. Key Challenges Faced by the Franchisee is the Decreased Likelihood. Advantages. Licensing is a contractual arrangement where a company grants permission to another party to use its intellectual property or brand. Expert Help. In this chapter, we address various types of cross-border contractual relationships, including licensing and franchising. Terms in this set (21) Contractual entry strategies in international business. Licensing A contractual agreement whereby one company (the. Franchising is a contractual arrangement in which the franchisor provides a franchisee the right to use its name and marketing and operational support in exchange for a fee and, typically, a share of the profits. Two common types of contractual entry strategies are licensing and franchising. AI Homework Help. Contractual entry strategies in international business are cross-border exchanges in which the relationship between the focal firm and its foreign partner is governed by an. Start studying Ch. Verified Answer for the question: [Solved] _____ is a fee paid periodically to compensate a licensor for the temporary use of its intellectual property, often based on a percentage of gross sales generated from the use of the licensed asset. make it easy for later entrants to win business. Turnkey Project b. Disadvantages. - contract provides focal firm with moderate level of control over foreign partner. Subscribe to newsletters Subscribe: $29. It’s a legally binding document that spells out—in great detail— the integrated touch points of running the business from the franchisor and franchisee point of view. Franchising VS Licensing. Licensing: An arrangement in which the owner of intellectual property grants another firm the right to use that property for a specified period of time in exchange for royalties or other compensation. Contractual Entry Strategies of Licensing and Franchising: 1. Franchising, on the other hand, is a business expansion model where a franchisor grants the rights. IB Final review 80% A- / 90% A Chapter 16 Licensing, Franchising, and Other Contractual Strategies o Intellectual Property (IP): refers to ideas or works created by individuals or firms, including discoveries and inventions; artistic, musical, and literary works, and words, phrases, symbols, and designs Creation from the mind Licensing licenses. From a licensee standpoint, there are fewer risks in product development,. Keep in mind, however, this is strictly the franchise fee and doesn’t include other startup costs to open the. Study with Quizlet and memorize flashcards containing terms like Contractual entry strategies in IB, Licensing def, Licensing pro and more. Created by. Unique Aspects of Contractual Relationships. BUS. In the franchising packages trademarks, copyright, patents and other things often are included. Major global. Many firms build biotech tags,. Match. An MNC may move into that mode voluntarily (to test the waters, so to speak) or for purely defensive reasons (to prevent a competitor from entering the market or to preserve sales that otherwise would be lost because of a. International Business: The New Realities, 5th Edition caters to a post-millennial student audience, the most diverse and educated generation to date. A) joint ventures B) licensing C) 100-percent ownership D) exporting E) franchising, 2) For Walt Disney. 15. Ask AI New. View Test Prep - licensing and franchising from ECONOMICS 12 at Xavier Institute Of Management & Research. Its goal. Typically include the exchange of intangibles and services. Another popular way to expand overseas is to sell franchises. Test. Payment is made only after you have completed your 1-on-1 session and are satisfied with your session. Email This BlogThis! Share to Twitter Share to Facebook Share to Pinterest. Exhibit 15. Verified Answer for the question: [Solved] In a licensing agreement, ________ is responsible for local sales. Flashcards. Low control, low local knowledge, potential negative environmental impact of transportation. Franchising is a faster, cheaper form of expansion than adding company-owned stores, because it costs the parent company much less when new stores are owned and operated by a third party. In licensing/franchising, the organization sells the rights to intellectual property to an entity within a foreign market for a royalty fee. Recent advances in digitalization and increasing integration of international markets are paving the way for a new generation of firms to use non-traditional entry modes that are largely marginalized in previous entry mode studies. Quiz 15: Licensing, Franchising, and Other Contractual Strategies. at completion of the contract, the foreign client is handed the "key. About Press Copyright Contact us Creators Advertise Developers Terms Privacy Policy & Safety How YouTube works Test new features NFL Sunday Ticket Press Copyright. Study with Quizlet and memorize flashcards containing terms like Contractual entry strategies in international business are cross-border exchanges in which the relationship between the focal firm and its foreign partner is governed by an explicit contract T/F, Exporting and foreign direct investing are two common types of contractual entry. Any licensee can produce and sell products under your name or offer services using your brand. Learn. An industrial design is intended to _____. Licensing, Franchising, and Other Contractual Strategies Learning Objectives • Explain contractual entry strategies. caitlyn_stryker. wholly owned subsidiaries. Match. The Franchiser requires the franchisee to make a minimum payment of $500 or more, and. The History of Franchising* I. Question 14. This strategy is based on franchising, the market entry mode, Subway used in order to enter foreign markets. Learn. Licensing is an arrangement by which the owner of intellectual property grants another firm the right to use that property for a specific time period in exchange for royalties or other compensation. 3. Learn. Because first mover advantage has been shown to result in better performance in emerging markets Marinov and Marinova 1999, Luo and Peng 1998, a firm may chose licensing as an expeditious entry strategy to gain the first mover advantage and create barriers for subsequent entrants. Exporting and Foreign Direct Investing are Two Common Types of Contractual. Co-marketing. When considering a venture in international markets, there are some significant tactical and strategic decisions to be effected. Coca Cola is an excellent example of licensing. Quiz 15: Licensing, Franchising, and Other Contractual Strategies Solved Professional Service Firms, Such as PriceWaterhouseCooper, Often Enter Large InternationalLike international licensing, international franchising has certain advantages and disadvantages. (Video) Market Entry Strategies: Contractual Market Entry ModesLess control, licensee may become a competitor, legal and regulatory environment (IP and contract law) must be sound: Partnering and Strategic Alliance: Shared costs reduce investment needed, reduced risk, seen as local entity: Higher cost than exporting, licensing, or franchising; integration problems between two corporate. Change Message. gives the owner the exclusive right to reproduce art, music, literature, software, and other such works, as well as prepare derivative works, or distribute copies know how licensing Involves a contract in which the focal firm provides technological or management knowledge about how to design, manufacture, or deliver a product or a service. d. The most common methods firms join international trade are through contractual entry strategies such as direct exporting, franchising, licensing, management contract, contract manufacturing, buying a company, and joint ventures. Licensing,. Default and termination 3. For courses in international business. skhaira2118 Terms in this set (26) contractual entry strategies in IB cross-border exchanges in which the relationship between the focal firm & its foreign partner is. The organization that obtains the access is the licensee. docx - Chapter 15: Licensing. 15. 3. Direct exporting. Flashcards. Learn from your partner (and apply that knowledge within your organization) Study Chapter 5: Entry into Foreign Markets flashcards. International Business: Strategy, Management, and the New RealitiesStudy with Quizlet and memorize flashcards containing terms like contractual entry strategies in IBUS, intellectual property, intellectual property rights and more. In order to prevent a licensor-competitor from gaining unilateral benefit, licensing agreements should provide for: A) contract manufacturing. Fast entry, low risk. BUS 325 Ch. True/False . Test. turnkey contracting. firm. Firms can pursue them independently or in conjunction with other entry strategies 4. Franchising is governed under the Franchise Act 1998 (“the Act”) and is regulated by the Registrar of Franchises (“Registrar”) under the purview of Ministry of Domestic Trade and Consumer Affairs. True. Learn. Similar to exporting, licensing is an easy way for a company to enter an international market quickly and without the need for laying out much capital. Studying is made a lot easier and more fun with our online flashcards. Similar to a licensing agreement, under a franchising agreement, the multinational firm grants rights on its intangible property, like technology or a brand name, to a foreign company for a specified period of time and receives a royalty in return. International Business: The New Realities, 5e, Global Edition (Cavusgil) Chapter 15 Licensing, Franchising, and Other Contractual Strategies. Licensing is designed to reduce the risks involved in doing business for everyone involved. 2. For international trade, Foreign market entry modes are the ways in which a company can expand its services into a non-domestic market. Test. world markets • Starbucks has used direct ownership, licensing, and franchising for shops and products In 2008, Starbucks had 12,000 cafes in 35 countries and sales of $10. S. Learn. licensing. Test. An arrangement in which the owner of intellectual property grants another firm the right to use that property for a specified period of time in exchange for royalties or other compensation. E) adaptation for local. 3. On the other hand, international licensing is a foreign market entry mode that presents some. )*Licensing, Franchising, and Other Contractual Strategies Licensing An arrangement in which the owner of intellectual property grants another firm the right to use that property for a specified period of time in exchange for royalties or other compensationLearn this differences between licensing and franchising and why licensing is not a alternative to franchising. Includes such knowledge-based assets of the firm or individuals as industrial designs, trade secrets, inventions, works of art, literature, and other "creations of the mind". Learn. They generate a consistent, stable level of earnings from foreign operations. Learn from your partner (and apply that knowledge within your organization) Study Chapter 5: Entry into Foreign Markets flashcards. All of the above. Choose from 29 different sets of Licensing, Franchising and other contractual strategies flashcards on Quizlet. Learn vocabulary, terms, and more with flashcards, games, and other study tools. Leasing is especially beneficial to _____. A franchise agreement is a contract between the business owner (franchisor) and the franchisee. 99/yearQuiz 15: Licensing, Franchising, and Other Contractual Strategies. Skip until Main Content. Created by. B) franchising. Bashar Hassan. Licensing: An arrangement in which the owner of intellectual property grants another firm the right to use that property for a specified period of time in exchange for royalties or. docx from BUS MISC at Florida State University. Governed by : Contract law governs licensing. Flashcards. Licensing concerns a product rights or the method of production marketing the product rights. Patent licensing is a licensing that a licensor gives to the licensee to grant permission to conduct patent activities. -risk. Studying is made a lot easier and more fun with our online flashcards. Study with Quizlet and memorize flashcards containing terms like Contractual entry strategies in international business, intellectual property, intellectual property rights and more. firms with industries, markets, and customs in other countries. • Contractual entry strategies (franchising, licensing, management. The licensor provides no technical support or assistance in most cases. commercial centers provide the following services: business facilities; translation and clerical services; a commercial library with legal information; and assistance with contracts and export/import arrangements. Study with Quizlet and memorize flashcards containing terms like Contractual entry strategies in international business, Intellectual property, Intellectual property rights and more. Created by. 6 Understand other contractual entry strategies. Cross-border exchanges where the relationship between the focal firm and its foreign partner is governed by an explicit contract. Test. The license agreement permits the use of trademarks, nothing more. Franchising. View MIB_8_MSLewandowska_2018_Fra. Chapter 15: Licensing, Franchising, and Other Contractual Strategies. Franchising is a contractual arrangement in which the franchisor provides a franchisee the right to use its name and marketing and operational support in exchange for a fee and, typically, a share of the profits. actively manage a foreign. Multiple Choice . The entry strategy in global business with the lowest risk is _____, while _____ is considered to have higher risk than the choices available. D)It is typically characterized as an unstable, short-term entry. Zhao et al. Verified Answer for the question: [Solved] Which of the following is characteristic of exclusive licensing agreements? A) The licensor is not allowed to interfere with the production or marketing of the licensed asset. docx from BUS 417 at Zayed University. Licensing is an arrangement by which the owner of intellectual property grants another firm the right to use that property for a specific time period in exchange for royalties or other compensation. Conclusion. Exporting is a low-risk strategy that businesses find attractive for several reasons. Focal firm has moderate level of control over the foreign partner. contract manufacturing. Study Chapter 16 flashcards. Try it free3. Payment is made only after you have completed your 1-on-1 session and are satisfied with your session. 8 Target Market Selection. These contractual methods can be seen in many forms such as international licensing and franchising. As it becomes evident from the definition, the transfer of the right of use is arranged in a license contract. The impact of strategy considerations can most easily be illustrated in a Cournot duopoly setting as displayed in Fig. Multiple Choice . Licensing is designed to reduce the risks involved in doing business for everyone involved. Terms in this set (7)Study with Quizlet and memorize flashcards containing terms like when it comes to getting involved in international business what are the three strategies that require the least amount of commitment and effort?, export assistance centers provide hands-on expiring assistance and trade-finance support for ____ and _____ -sized businesses. Study with Quizlet and memorize flashcards containing terms like T/F Licensing is a contractual agreement whereby one company (the licensor) makes a legally protected asset available to another company (the licensee) in exchange for royalties, license fees, or some other form of compensation. In addition to the standard license process, a company will assist in establishing the business with the design, equipment, organization, and marketing. When the parties make licensing or franchising agreement, the parties should critically. In licensing, the licensor has limited control over the operations of the licensee, whereas franchising involves extensive control and support provided by the franchisor. chapter 16 licensing, franchising, and other contractual contractual entry strategies in international business: exchanges where the relationship between the. Angelica Weiss Chapter 16: Licensing, Franchising, and Other Contractual Strategies Contractual entry strategies in international business: cross-border exchanges where the relationship between the focal firm and its foreign partner is governed by an explicit contract Intellectual property: ideas or works created by individuals or firms, including discoveries and inventions; artistic, musical. School Anadolu University; Course Title BUS 1332; Type. Test. These options vary in terms of how much. 25 “Market entry options”). When considering the three basic decisions a firm must make when it decides to enter a foreign market, it must determine the market. 5. Introduction. S. Verified Answer for the question: [Solved] Which of the following is an example of licensing? A) An American electronics firm has given the right to a new process for manufacturing e-book readers to an electronics manufacturer in Canada. Create flashcards for FREE and quiz yourself with an interactive flipper. 2. Contractual entry strategies in international business Click the card to flip 👆 cross-border exchanges in which relationship between the focal firm and its foreign partner is governed by an explicit contract Licensing, Franchising and other Contractual Strategies International Business Strategy, Management. Global Marketing Strategy for. the positive or negative perception of firms and products from a certain country. Provide dynamic, flexible choice. -the different modes can be further classified on the basis of equity or non-equity requirements. Similar to a licensing agreement, under a franchising Granting rights on an intangible property, like technology or a brand name, to a foreign company for a specified period of time and receiving a royalty in return. Abstract. International Business: The New Realities, 4e (Cavusgil) Chapter 15 Licensing, Franchising, and Other Contractual Strategies _____ is a fee paid periodically to compensate a licensor for the temporary use of its intellectual property, often based on a percentage of gross sales generated from the use of the licensed asset. _____ these are the items owned by a franchisee that has the same monetary value. ,. Franchising. Contractual entry strategies in international business. BUS MISC. other contractual agreements and equity modes (wholly owned subsidiary or joint venture). Franchising is a contractual international market entry mode as a licensing agreement when an organization wants to enter a foreign market quickly with low risk and resource commitment. It reduces risks for both parties. A) Nickelodeon B) The Walt Disney Company C) Mattel D) Major League Baseball Services Discover Topics Ask a questionVerified Answer for the question: [Solved] To minimize the complexity of franchising, focal firms must ________. Quiz 15: Licensing, Franchising, and Other Contractual Strategies. Mode Characteristics Advantages Disadvantages. - Governed by a CONTRACT that provides the focal firm a moderate level of control over the foreign partner - Typically involve exchange of INTANGIBLES (intellectual property) and services - Can be pursued independently or with other foreign market entry strategies, such as FDI and exporting Licensing and franchising both offer advantages for the involved parties: The licensee and franchisee both gain a competitive advantage in the market. The definition is important because franchises are covered by securities law while licenses are covered by contract law. 6 Joint Ventures Chapter 8. External: Operating Enviornment. A licensing agreement is generally less complicated and easier to finalize than a franchise agreement. View final ch 15 man3600. If you think of a franchisor (the brand) as a. Study with Quizlet and memorize flashcards containing terms like In the context of international trade restrictions, offering less-favorable exchange rates to certain importers is a(n) _____. ,. Terms in this set (22) contractual entry strategies in international business. The International Franchise Association defines franchising as a "continuing relationship in which the franchisor provides a licensed privilege to do business, plus assistance in organizing training, merchandising and management in return for a consideration from the franchisee ". Dispute settlement 4. licensing vs franchising. Study with Quizlet. Turnkey contracting. A) A joint venture B) Contract manufacturing C) Licensing D) Exporting E) A Global strategic alliance; Answer: B. Read other and watch their success stories!. Solved . Learn faster with spaced repetition. Test. Learn. 4. Stage Three: Specify a specific format that is either equity based or contractual (nonequity based). Licensing. strategies. Licensing is a type of market entry whereby a company in one country transfers the right of a company in another country to use its unique production processes, patents, trademarks, technological achievements, and other valuable skills for a fee that is established under the contract. Study Chapter 16 - Licensing, Franchising and other Contractual Strategies flashcards from Tia-Jane Maggs's class online, or in Brainscape's iPhone or Android app. b. Licensing is a contractual agreement whereby, in exchange for a royalty or fee, a company gives the right to another company to use a trademark, know-how, or other proprietary technology. It stated the market entry strategies of global hotel industry followed Cruz (1999)’s ‘Management Contract first, franchising latter’ strategy. The globalization of franchising took off in the 1990s as a result of push factors (domestic. Brooke MA, PhD, FIEx & Peter J. 2. is a contractual agreement whereby one company (the licensor) makes a legally protected asset available to another company (the licensee) in exchange for royalties, license fees, or some other form of compensation. In some cases, it’s either for five years or can be for 20 years. B) An Indian automobile manufacturing company, buys engines from a Japanese manufacturer for its. When considering entering international markets, there are some significant strategic and tactical decisions to be made. C)It restricts a firm's ability to expand more rapidly abroad. Unique Aspects of Contractual Relationships. They typically include the exchange of intangibles and services. the advantages of franchising as an entry mode to global expansion are similar to the disadvantages of licensing false the least preferred strategy when a company's competitive advantage is based on technology is the wholly owned subsidiaryChapter 6: Strategic Alliances. 2. Contractual Entry Strategies Contractual entry strategies Two common types of contractual entry strategies are licensing andLicensing. Special licensing arrangement; Contract between a parent company-franchisor and a franchisee that allows the franchisee to operate a business developed buy the franchisor in return for a fee and adherence to franchise-wide policies; Has great appeal to local entrepreneurs anxious to learn and apply Western-style marketing techniquesStudy with Quizlet and memorize flashcards containing terms like Starbucks' relentless pursuit of global market opportunities illustrates the fact that most firms face a broad range of strategy alternatives. Licensees can re-sell the IP at a higher price or manufacture merchandise with the IP on it. Firms need to evaluate their options to choose the entry mode that best suits their strategy and goals. if the franchisor has already achieved considerable success in franchising in its domestic market. Buckley BA (Econ), MA, Phd Chapter 90 Accesses Abstract This. The principal advantages of international franchising are: (i) Franchising is a beneficial way to. What are Franchising? Franchising is an business agreement that includes the license is a trademark, of payment of a fee, and control over how the underlying franchises business has operated. Ctrl+k Search questions by imageRetail franchising is the method of opening a single store under the umbrella of an established name, branding, trademark, and product line. arrangement in which the owner of intellectual property grants another firm the right to use that property for a specified. Study with Quizlet and memorize flashcards containing terms like contractual entry strategies in international business, intellectual property, intellectual property rights and more. Learn. Some firms view licensing as a supplementary strategy to other entry strategies, such as exporting or FDI. A) markets competing products for significantly lower prices B) uses the licensing asset to create products of poor quality C) refuses to pay the agreed upon royalties to the licensor D) does not guarantee future expansion in the. licensing, don’t forget that they are separate concepts and each of them offers promising prospects. Flashcards.